MGM reports US$1 billion in operating losses for Q2

MGM Resorts International has reported a combined US$1 billion for the quarter ending on June 30 on the back of a 91 percent fall in net revenues.

The company statement explained that these losses were “driven by the temporary suspension of the company’s domestic casino operations, continued travel restrictions in Macau, restrictions on the number of table games allowed to operate in Macau, and restrictions on the number of seats available at each table at both the company’s domestic and Macau properties, and other social distancing restrictions in place at the company’s domestic and Macau properties, including the number of slot machines available for use, property capacity restrictions, and venue/amenity limitations.”

The film noted that total liquidity as of June 30 was US$8.1 billion, which included US$1.5 billion at MGM China and various revolving credit facilities.

MGM China saw its net revenues fall 95 percent year-on-year to only US$33 million.

President and CEO of MGM Resorts Bill Hornbuckle remarked, “The near term operating environment will remain challenging and unpredictable as Covid-19 case trends, health and safety protocols, and travel restrictions continue to heavily impact our business. We remain focused, flexible, and disciplined in navigating this evolving landscape while continuing to pursue our long term growth opportunities, supported by our strong liquidity position. As such, we remain excited about our integrated resort opportunity in Osaka, expanding our footprint in Macau, and positioning BetMGM as a leading player in the US sports betting and iGaming markets.”